Oil Prices Hold Steady Amid US-Iran Tensions and Recovering Regional Supplies

Oil prices remained stable on Friday as investors weighed rising tensions between the US and Iran against recovering regional supplies and export restrictions.

The Brent crude price slipped by 3 cents or 0.03% to $102.28 a barrel, while West Texas Intermediate (WTI) fell by 19 cents or 0.2% to $92.68 a barrel.

Market analysts noted that investors are assessing competing market signals, including increased Saudi export volumes being countered by reports of additional US naval deployments to the Gulf and China's decision to halt refined product exports.

The US is deploying a third aircraft carrier and up to 10,000 additional troops to the region as Washington weighs renewed actions against Iran, while also urging European allies to draw down emergency diesel stocks by 120 million barrels over six months to cool global fuel prices.